Something we've noted in recent weeks is how the United States is falling down the list. Unsuspectedly, we think this is actually rather bullish.

This is because American equities aren't weak - quite the opposite! They're trading at all time highs.

Instead, we're seeing more countries beginning to participate. This points to a growing number of opportunities forming outside the United States; this widening of global breadth is bullish from a macro perspective and suggests this is a global trend, not just a domestic one.

Quantifying this, while the US is still in the top half of the power rankings table, its position has been falling for many weeks now.

Does the US fall into that red zone?

We'd love to hear your thoughts on this one. Reach out if you have any thoughts.

Stocks are at all time highs.

...

The same industry groups are continuing to lead, as pictured by the big block of green on our table. This once again points to the efficacy of erring on the side of relative strength; when an ETF flips green it has a tendency to stay green.

Interestingly, silver and gold miners have migrated higher on the table.

Zooming out, Silver looks to be completing a long-term breakout and catching higher to Gold.

This is clearly a significant tailwind for these ETFs.

Notice how green the top section of the thematics table has been.

The same themes continue to dominate; crypto stocks, speculative tech, gaming etc. China growth is also beginning to appear on this list of predominant themes.

While a large portion of Ark's funds are ranking green on our table, one notable exception is Ark's Genomic ETF $ARKG. Interestingly, it's beginning to transition to a lighter shade of red.

Volatility in the ETF is trading at multi-year lows, which could suggest an explosive move is around the corner.

This is an ETF that's on our radar, especially if it breaks to new highs.

Again, we keep pointing to how many different sectors there are showing relative strength and inhabiting the top area of our sector power rankings.

This points to a wide set of sectors participating, which is positive to see.

Noticeably, Large Cap Communications $XLC looks fantastic, breaking to new all time highs. So long as XLC is above the prior highs near 102, the bias is to the upside.

Noticeably, Large Cap Growth $IWF remains strong on the list of US indices while Small Cap Value $IWN struggles.

Taking the ratio between the two, you can clearly see IWF consolidating right beneath all time highs relative to IWN. Trends have a tendency to persist and this is a chart that is setup to continue working higher.

A major standout here is how the American S&P 500 $SPY doesn't even feature on the top 10 on our global list.

We have regular attendees like Argentina, China, and Israel, but there are a number of countries that wouldn't necessarily come to mind. This includes Colombia $GXG, Italy $EWI, UAE $UAE, and Poland $EPOL, to name a few.

There's a growing list of participation taking place outside the United States, which could setup international equities to outperform the domestic U.S. market in 2025.

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Notice how persistent the colors are on either end of the table?

What this suggests is that the same industry groups that have been outperforming the market have continued to show strength, while there is no signs of this weakness changing on the other end.

Something of note is how Medical Devices $IHI has shown strength while Healthcare $XLV has been the weakest sector over the last six months.

Interestingly, the ratio of Medical Devices $IHI relative to the broad Healthcare sector $XLV is at a key level of resistance. Furthermore, the sector has rebounded and despite its weakness over the last six months has been the strongest sector YTD.

With this ratio hitting resistance, we could see some rotation within the underlying healthcare industry groups which could be positive for the sector.

Speaking of rotation, we might be witnessing the same thing play out in the retail sector, with the market all but writing off Peloton—only for it to explode 20% higher in a stunning reversal.

And even more, Jeff Macke called it. He’s been all over the retail space for years, and he’s got a killer...

Today we're switching up our regular broadcasting and taking our ETF Power Rankings to the stocks of the Dow 30.

The beauty of these rankings is that they can applied to any universe of our choosing - today we're doing the Dow 30.

Here's where our sector universe stands right now.

The same sectors continue to lead, like discretionary, financials, communications, and industrials.

There's a wide selection of leadership, which broadly speaking is bullish for the market.

Today we're switching up our regular broadcasting and taking our ETF Power Rankings to the stocks of the Dow 30.

The beauty of these rankings is that they can applied to any universe of our choosing - today we're doing the Dow 30.

The big standout to us is how Nvidia $NVDA has transitioned from a deep green to a lighter shade even before it gapped down last Monday.

Instead, traditional names like Walmart, 3M, and IBM have been showing the most strength in recent times.

On the other end of the spectrum are names like Merck, AMGEN, and Nike.

Through these rankings, we can instantly see where to focus our attention. And an area we've been attracted to this week is crypto; over $2B of positions were just liquidated, which has historically been a fantastic buying opportunity.

You can watch our Senior Crypto Analyst, Louis Sykes, outline what he's doing to profit off this recent development...

Large Cap Growth $IWF remains on the top of the rankings for U.S. indices.

Right beneath it are growth-adjacent ETFs, like the Nasdaq 100 $QQQ, Mega Caps $MGC, and the S&P 500 $SPY.

The high level trend is growth over value, for now.

IWF is consolidating constructively in the context of a long-term uptrend.

This dip was the biggest liquidation since Bitcoin’s inception. Bigger than the Covid, FTX, and Terra selloffs. Is it time to buy?

Watch the replay of our crypto analyst, Louis Sykes, to get the real story. 

We’re noticing an increasing number of international markets showing relative strength.

This includes familiar standouts like China, Argentina, and Israel, as well as newer additions like Colombia, Chile, and Italy.

It's especially surprising to see many Latin American country ETFs gaining strength recently, with Colombia rising nearly to the top of the power rankings.

When we take a step back, this makes sense, as the iShares Latin America 40 ETF ($ILF) recently found support at the lower end of its long-term range.
 

However, the region still faces significant challenges, with Brazil and Mexico making up 85% of the ETF.

Interestingly, it's the countries that don't dominate this index—like Colombia, Chile, and others—that are showing the strongest performance.

The big takeaway here is the continued green among a select few industry groups.

Cloud, Broker Dealers, Cyber Security, Software etc. These have all been strong industries over the years, so it's no surprise to see these all inhabiting the green region of this table.

A group among the green candidates which is surprising is the iShares U.S. Telecommunications ETF $IYZ. This ETF is still down 50% from its launch in 2000 and still trading at the same levels as it was 22 years ago.

Yet, it's shown impressive strength in recent times. If it can break above its pivot highs near 28, it would point to a continuation of this relative strength.